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Collection of short essays on Token2049 in Singapore.

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See what insights the attendees have gained from the running process during the conference.

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Source: @Phyrex_Ni

My view on Token2049 in Singapore

With the end of today, the work journey of Singapore's web3 has also come to an end. As a practitioner, it actually ended yesterday. Or maybe the main process of Token2049 could be completed in about 6 hours, so I wrote down three words last night - it's over today. This Token2049 may be interpreted from different perspectives.

The first word: Payment.

This exhibition hall is not very large. Although there are not many booths on site, about one-third of the projects involve payments, including not only local companies in Singapore, but also companies based in the European Union or registered in offshore islands, all of which have surprisingly overcome payment channels.

Moreover, if asset custody and financial auditing companies are added, more than half of the projects in this area are related to funds. All the booths in one area are related to fund projects. Most of the projects are essentially compliant or non-compliant OTC, mainly targeting USD and EUR. Even those involving RMB are not fully compliant, but they still have some connection with foreign trade.

What's more interesting is that I have talked to almost every payment company, regardless of their type, and they all focus on cash withdrawals. This indicates that the current environment for cash withdrawals is more prosperous, and more cryptocurrency investors around the world are looking for compliant and high-volume cash withdrawal solutions. I remember that even in 2021, when BTC broke through $64,000, there were not so many payment-related applications at various overseas exhibitions, and payment-related applications are undoubtedly centralized.

Second Word: English

When I was in Hong Kong, I wrote that almost everyone there speaks ABC, even if they know that speaking Chinese might be better. Of course, Cantonese is also very popular. This time it was interesting because although most of the platforms were supposedly from Singapore, communication in Chinese was very smooth. Almost all Asian platforms could speak fluent Chinese, and of course, their English was even better.

Only a few booths from India, the Middle East (presumably), and Europe and America are mainly in English. However, if they find that you don't understand, they will try their best to explain, which makes me feel that they have done their homework well. However, from Hong Kong to Singapore, there are still too few "white people" attending the conference, and most of the project parties speak Mandarin better than me.

Third word: It's great to have money

This is not nonsense. The cost of living in Singapore's city center is not cheaper than Hong Kong, but my daily expenses have no food expenses except for accommodation and transportation. You can say that once you have an address in Singapore, you can go eat. Most of the activities hardly verify whether you are a gatecrasher or not, but to be honest, most of the catering provided in this Singapore event is Indian-style.

Token2049 happened to coincide with the prelude to the Singapore F1 race, which resulted in exorbitant prices for flights and hotels. Even the slightly more affordable options were priced at 2,000 RMB per night, and only the big shots could afford to stay at Marina Bay Sands. Oh, I almost forgot, the ticket price for Token2049 this time was $500 USD, including meals. Most of the Hong Kong attendees had experience with sneaking into events, and on the first morning, security wasn't too strict, so it was relatively easy to sneak in with a ticket. The ticket actually consisted of two parts, a wristband and a tag, but at the time, people only paid attention to the tag. In the afternoon, more people started to sneak in, and security began to check the wristbands, causing a lot of congestion. On the second day, security was even stricter, and there were even incidents of tags being confiscated.

It can be said that in Singapore, there are two types of people who live the best. The first type is those who are already very wealthy, including project parties, who enjoy the attention of the public. The second type is those who have sufficient budget (reimbursement), and they can also watch the changes with a smile. Moreover, most of these small partners are good people, and those who borrow tickets are basically looking for them. The rest are people like me who wander around. As long as our face is thick enough, we can still make some gains by eating and taking things.

These are just the surface level activities. Even more niche groups have directly increased the revenue of Singapore's entertainment industry. Starting from 3pm near Marina Bay Sands, Google Maps shows that they have all closed down. As for private parties and yacht parties, I won't mention them. Anyway, I didn't go.

Finally, let's review Token2049. In the past, there were many institutions and VCs, but now there are almost none. There are also very few exchanges that have created a boom in the market. Only a few famous ones remain, and the rest are all DEXs, especially on L2, where there are many, and the three brothers are the main teams. In the past, attending the conference could get a lot of benefits, but now it's just a promotional page or a power bank. There are fewer and fewer people discussing Build. In the past two days, except for a small temporary gathering to discuss RWA, everyone around me is focused on whether there will be another bull market and whether BTC will rise. Even those who do public chains are the same. The only industry that is truly dedicated is the various exchanges, and they are really capable.

This time in Singapore, I heard a lot of people talking about the RWA track. I dare not say 100%, but from what I heard, whether in Chinese or English, everyone who talks about the RWA track is referring to STO. If you don't understand RWA and STO, you will be cutting leeks. Currently, what RWA refers to is not real estate on the chain or commodity on the chain, but mainly bond on the chain. Even if it is not a national bond, it should at least be a corporate bond. Some people insist on saying it is stock on the chain. You can try it, but after FTX, SEC will regulate you tightly. What kind of RWA are you talking about without compliance? The foundation of RWA is compliance. Talking about RWA without compliance is just being a rogue. PS: STO also needs to be compliant. Also, don't forget that carbon neutrality and carbon credits can be considered RWA.

Summary

Drought kills those in drought, flood kills those in flood. Those with money want people, those with people lack money. Crows caw every day, and carrots are everywhere.

彩蛋 (Translation:

Easter Egg)

And a girl I met in 2018 were chatting with me. The most talked-about project in Singapore this time is RWA. Overnight, everyone is laying out RWA and everyone is an expert in RWA. Unfortunately, the vast majority of people don't know that RWA needs to be compliant, and even STO requires a license, but RWA can be wild? However, it can be confirmed that RWA is the next form of DeFi, and it is very likely that RWA will be the driving force of the next cycle.

This article is sponsored by @OfficialApeXdex | Dex With ApeX.